BMO Capital analyst Jackie Przybylowski upgraded First Quantum Minerals to Outperform from Market Perform with a price target of C$40, up from C$35. The analyst believes the company will be attractive to investors who are bullish on long-term copper as well as larger diversified, base metals, or gold companies as potential acquisition targets. The firm believes First Quantum offers “scarcity value” as a large, liquid, cashflow positive copper miner.
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